ABSTRACT
The explanations put forward are in the main based upon valid observations of industrial development. They are only defective in that they do not give an absolute and comprehensive explanation of the causes which have led to the decay of industrial competitive systems but merely an analysis of partial validity. The growing immobilization of capital, and its effects in times of depression was regarded as the key to an explanation of the rise of cartels and trusts. Some analysers, who were wise enough to refrain from "partial" explanations which were correct in regard to some features of the problem but not comprehensive, have thought it safer to attribute industrial combination in its various forms and shades to a great number of circumstances, which they carefully enumerate. Partial explanation is replaced by an eclectic explanation. Partial as well as eclectic explanations of the modern movement of industrial combination may therefore certainly contain useful truths.
